Mayor Michael R. Bloomberg today unveiled the
development plan for Hunter’s Point South, the largest new affordable housing
complex to be built in New York City since the 1970s. A development team,
consisting of Phipps Houses, Related Companies and Monadnock Construction, has been selected through a
competitive process to build the residential portion of the first phase of the
Queens waterfront complex, which includes two mixed-use
buildings comprising more than 900 housing units and roughly 20,000 square feet
of new retail space. At least 75 percent of the housing will be permanently
targeted to low-, moderate- and middle-income families, up from the 60 percent
required by the Request for Proposals. The first phase, to be completed in 2014,
also includes five acres of new waterfront parkland, a new 1,100-seat
intermediate and high school, new retail space and parking. Mayor Bloomberg was
joined at the announcement, which took place adjacent to the development site at
the Waterfront Crab House on Borden Avenue in Long Island City, by Deputy Mayor
for Economic Development Robert K. Steel, Housing Preservation and Development
Commissioner Rafael E. Cestero, New York City Housing Development Corporation
President Marc Jahr, Parks Commissioner Adrian Benepe, Queens Borough President Helen M. Marshall, Council
Member Jimmy Van Bramer, New York City Economic
Development Corporation Chief Operating Officer Josh Wallack, Phipps Houses
Group President & CEO Adam Weinstein, Related Companies Executive Vice
President Bruce A. Beal, Jr., Monadnock Construction
President Nick Lembo and Community Board 2 Chair
Joseph Conley.

“At Hunter’s Point South, not only will we build the largest new
affordable housing complex in more than three decades, we’ll do it on
long-vacant waterfront property that has incredible views and sits adjacent to
one of New York City’s fastest growing neighborhoods,” said Mayor Bloomberg.
“Through our New Housing Marketplace Plan, we’re building 165,000 affordable
units in neighborhoods in all five boroughs, but no
where else will there be such a large infusion of new, affordable units.
All told, the project will provide new homes for 5,000 New York City families –
more than 900 in this first phase – while creating thousands of
jobs.”

“Throughout New York City, we’re constantly looking for ways to build
affordable housing, connect New Yorkers to the waterfront and create jobs. The
major development project at Hunter’s Point South will help us achieve all three
of those goals,” said Deputy Mayor Steel. “We will transform what is now vacant
land on the Long Island City waterfront into the largest affordable housing
complex built in this City since the 1970s, and we’ll do it while adding new
parks and a new school for Long Island City residents.”

“Our Request for Proposals to
build this first phase of the largest affordable housing development in a
generation was met with an enthusiastic response from the development community
which resulted in stiff competition for designation,” said Commissioner Cestero.
“The choice was not easy, but by selecting this team we are bringing the best
possible result for the citizens of this City. Hunter’s Point South was
conceived as housing affordable to moderate- and middle-income families – people
such as our teachers, healthcare workers, veterans and first responders. Today
we are one step closer to making this promise a reality. It has been decades
since any affordable development on this scale has been attempted or achieved
anywhere in the five boroughs – or even statewide – and I am certain that
Hunter’s Point South will set that bar in terms of design, sustainability and
permanent affordability and will be a model that other municipalities and states
will seek to emulate.”

The permanently affordable units –
at least 75 percent or a minimum of 685 of the total 908 phase one units – will
be targeted to families with household incomes ranging from $32,000 to $130,000
per year for a family of four; 20 percent of the units will be available to
families earning between 40 percent and 80 percent of Area Median Income (AMI),
20 percent to families earning up to 130 percent AMI, and 35 percent to families
earning up to 165 percent AMI.

The Phipps-Related-Monadnock development team was selected from among
competitive proposals submitted to the Department of Housing Preservation and
Development. The proposals were evaluated – by an inter-agency team that
included the Department of Housing Preservation and Development, the New York
City Housing Development Corporation, the New York City Economic Development
Corporation and the Department of City Planning – based on financial
feasibility, affordability of residential units, quality of architectural
design, development and management experience as well as other factors
consistent with the qualifications outlined in the Request for
Proposals. The selected plan best adhered to the design guidelines by
closely following the context of the neighborhood and street scale, and the
winning team demonstrated a commitment to engage in an ongoing design process
with the City and local community. The proposal also provided both the lowest
per-unit and total subsidy of all of the finalists. The three groups represented
on the team each have a long history and commitment to building and managing
affordable housing in New York City.

The first phase of Hunter’s Point
will transform a total of more than 800,000 square feet of vacant waterfront
land bounded by 50th Avenue to the north, 2nd Street to the east, Borden Avenue
to the south and Center Boulevard to the west. Infrastructure work, including
the installation of sewers, watermains, roadways,
sidewalks and parking, will begin next month and is expected to be completed
during the Spring of 2013. Park construction will begin this summer. The two
residential buildings, including the retail space, will begin construction in
2012 and are expected to take up to 24 months to complete. The new school, which
will be built by the New York City Schools Construction Authority, will open in
the Fall of 2013.

Designed by SHoP Architects, with IsmaelLeyva Architects, the team’s plan for the initial
two residential mixed-use buildings features classic tripartite building
composition in a modern, façade design. The development plan calls for the
creation of vibrant retail corridors along 50th Avenue as well as Second Street,
which will ultimately serve as a spine that connects all of Hunters Point South.
Generous sidewalks, multiple street level entries, and facade treatments that
anchor the buildings to the streets, will all work together to create an active,
new neighborhood.

When complete, Hunter’s Point
South will be the largest affordable housing development in New York City since
the early 1970s when Co-op City and Starrett City were
completed. It will include approximately 5,000 new units of housing, more than
11 acres of landscaped waterfront parkland, new retail shops, community facility
space and the new school. It is anticipated that Hunter’s Point South will
catalyze more than $2 billion in private investment and create more than 4,600
jobs.

“Today marks a significant
milestone in the transformation of Hunter’s Point South into a vibrant and
dynamic waterfront neighborhood,” said New York City Economic Development
Corporation President Seth W. Pinsky. “In challenging
economic times, this project will create thousands of jobs, leverage millions of
dollars in private investments, build new community amenities and result in
significant critical infrastructure investments. I commend Commissioner
Cestero and HPD for moving this project forward and
ensuring that Hunter’s Point South will be a livable
neighborhood for many New Yorkers.”

“This important project will
connect the Hunter’s Point community to the waterfront, and I look forward to
its contributions to the evolving Queens skyline,” said City Planning
Commissioner Amanda M. Burden.

“We look forward to building a
beautiful park for the new residents and all New Yorkers to enjoy at Hunters
Point South,” said Parks Commissioner Benepe.

“Thousands of affordable
apartments, acres of parkland, and a new school here in Hunter's Point will all
be wonderful additions to the neighborhood and to our City,” said Congresswoman
Carolyn Maloney. “I thank Mayor Bloomberg and his team for their work to develop
and revitalize the waterfront in western Queens.”

“With affordable housing, green
spaces and a revitalized waterfront, the development project at Hunters Point
South will create a new and vibrant community for all New Yorkers to enjoy,”
said Congressman Joe Crowley. “Together with the revitalization of Willets Point
and the greening of Queens, this innovative project at Hunters Point is the next
step in transforming Queens to the 21st century.”

“Today we move forward on the road
that leads to the creation of an entirely new community on the East River
waterfront,” said Borough President Marshall. “This community will enjoy the
benefits of much-needed affordable housing, retail space and parkland, located
in a unique setting. Major infrastructure and surface improvements will
complement the attractive housing and retail opportunities and help to make
Hunters Point South a success story in this second decade of the 21st Century. I
look forward to working with Mayor Bloomberg and all our partners in the public
and private sectors as we build for the future to achieve common
goals.”

“From affordable housing, to
retail space, a new school and even a waterfront park this state of the art
development can serve as a model in urban planning and design,” said Council
Member Van Bramer. “Hunters Point and greater Long
Island City is an amazingly vibrant and diverse place to live, work and
create.”

“Hunter’s Point Redevelopment
continues the revitalization of Long Island City as an important and good place
to live, work and raise a family,” said Assembly Member Catherine Nolan. “The
Phipps Houses group in particular has a long and distinguished history of
providing housing in western queens. I am also very happy that our long
advocacy for a middle school and high school have
been included in this announcement. My thanks in particularly to
Community Board 2, City Councilman Jimmy Van Bramer and Borough
President Helen Marshall for all their work on this issue with
Mayor Bloomberg and his team.”

“Preserving New York's middle
class is critical to ensuring our city's growth in the 21st century,” said State
Senator Michael Gianaris. “Long Island City’s ongoing
revitalization will guarantee that western Queens continues to be home to the
hard-working men and women that make our city run. Hunters Points South is a
critical part of this necessary rebirth.”

“Phipps Houses has developed and
maintained affordable housing throughout New York City for over a century,
providing New Yorkers across the income spectrum the opportunity to live and
work in the City,” said Phipps Houses’ President and CEO Adam Weinstein. “It is
our not-for-profit organization’s mission, and a crowning achievement of the
Bloomberg administration. We are pleased to partner with Related and Monadnock, two organizations we have worked with prior, and
both of whom share this mission. This important new development
demonstrates the Bloomberg administration’s commitment to ensuring vibrant
mixed-income neighborhoods in Western Queens and throughout the
City.”

“We applaud the Bloomberg
administration’s vision for transforming a long vacant parcel into a burgeoning
waterfront community,” said Related Companies Executive Vice President Bruce A.
Beal, Jr. “Related Companies has a forty-year commitment to the creation and
preservation of affordable housing and a track record in executing large-scale
developments and we are thrilled to have been selected along with our partners
Phipps Houses and Monadnock Construction to develop
the first phase of Hunter’s Point South, New York’s next great middle income
community. The availability of housing opportunities for all of our city’s
working families is critical to New York’s future and we are proud to be playing
a role in creating a dynamic, sustainable neighborhood at Hunter’s Point
South.”

“Mayor Bloomberg’s administration
has demonstrated tremendous leadership with their plan for Hunter's Point
South,” said Monadnock Construction President Nick
Lembo. “We are looking forward to rolling up our
sleeves to work with our partners, Related Companies and Phipps Houses, to
build affordable housing for hard-working New Yorkers.”

“The vacant waterfront land at
Hunter’s Point South represents one of New York City’s best opportunities for
growth, and the fact that development is moving forward is great news for Queens residents,” said Community Board 2 Chair Joseph
Conley. “Throughout the development process, the Bloomberg Administration has
listened and responded to the local community, and the result is a phenomenal
project that will benefit the entire area and all of New York City for
generations.”

Hunter’s Point South will also be
serviced by the East River Ferry pilot program set to launch this spring. The
ferry will stop at the southern tip of Hunter’s Point – on the waterfront
between Borden Avenue and 54th Avenue, with service to 34th Street in Manhattan
as well as Brooklyn and lower Manhattan.

The Hunter’s Point South plan
completed the Uniform Land Use Review Procedure in November 2008. In 2009, the
City acquired the entire 30 acre Hunter’s Point South site from the Empire State
Development Corporation and the Port Authority of New York and New Jersey at the
cost of $100 million dollars. In the late 1980s, the Hunter’s Point South site
was slated to become the third and fourth phase of New York State's Queens West
Development which called for 2,200 apartments and more than two million square
feet of office space. Later the site was envisioned as the location for the
Olympic Village in the City’s 2012 Olympic bid. On the heels of the sale of
Stuyvesant Town and Peter Cooper Village in 2006, Mayor Bloomberg announced the
City’s intention to acquire the site from Empire State Development Corporation
and the Port Authority of New York and New Jersey to create the City’s first
large-scale moderate and middle income housing in decades. Since then, multiple
City agencies have worked with the community to develop the Hunter’s Point South
Plan.

Hunter’s Point South is the
largest affordable housing development in the Bloomberg Administration’s New
Housing Marketplace Plan, and the largest in New York City in more than three
and a half decades. The New Housing Marketplace Plan, launched by Mayor
Bloomberg in 2003, is a $8.4 billion initiative to
finance 165,000 units of affordable housing for half a million New Yorkers by
2014. To date, the plan has funded the creation or preservation of 111,279 units
of affordable housing across the five boroughs.

The development of Hunter’s Point
South will advance the goals of the Waterfront Vision and Enhancement Strategy,
a citywide initiative launched in 2010 by Mayor Bloomberg and Speaker Quinn that
will create a new sustainable blueprint for the City’s more than 500 miles of
shoreline. The soon to be released plan will have two core components: Vision
2020 - The New York City Comprehensive Waterfront Plan, which will establish
long-term goals for the next decade and beyond, and the New York City Waterfront
Action Agenda, which will set forth priority initiatives to be implemented
within three years. Together, the initiatives will provide a blueprint for the
City’s waterfront and waterways, and focus on the following categories: open
space and recreation, the working waterfront, housing and economic development,
natural habitats, climate change adaptation and waterborne
transportation.